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                    SECURITIES AND EXCHANGE COMMISSION
                              Washington, D.C.



LITIGATION RELEASE NO. 15250 / February 10, 1997

SECURITIES AND EXCHANGE COMMISSION v. CERTAIN PURCHASERS OF THE
CALL OPTIONS OF DURACELL INTERNATIONAL INC., Docket No. 96 Civ.
7017 (S.D.N.Y.)

     The Securities and Exchange Commission announced that it has
obtained final judgments providing for the recovery of more than
$1 million in illicit trading profits and the imposition of $1.77
million in civil penalties resulting from purchases of call
options of Duracell International Inc. in September 1996.  On
September 16, 1996, the Commission filed a complaint alleging
that certain unknown purchasers of Duracell call options had
engaged in unlawful insider trading thorough Swiss and Bahamian
accounts in advance of a September 12, 1996 merger announcement
by Duracell and The Gillette Company.  Immediately upon filing
its complaint, the Commission also obtained a court order
freezing the proceeds of the illicit trading described in the
complaint.

     With respect to the Swiss account described in the
complaint, the court entered a final judgment against Lennox,
S.A., a Swiss firm with discretionary trading authority over the
account, permanently enjoining Lennox from violating Section
10(b) of the Securities Exchange Act of 1934 and Rule 10b-5
thereunder and ordering Lennox to disgorge $450,698.83 in trading
profits and prejudgment interest.  Without admitting or denying
the allegations of the complaint, Lennox consented to entry of
the final judgment against it.

     With respect to the Bahamian account described in the
complaint, the court entered a final judgment by default against
certain unknown purchasers permanently enjoining them from
violating Section 10(b) of the Securities Exchange Act of 1934
and Rule 10b-5 thereunder, ordering them to disgorge $603,275 in
trading profits and prejudgment interest, and imposing a civil
penalty in the amount of $1,770,000.  The judgment will be
satisfied in part from the trading proceeds previously frozen in
the Bahamian account.

     The Commission acknowleges the assistance and cooperation of
the American Stock Exchange in connection with its investigation
of this matter.